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What is the journal entry for insurance premium?

Updated: 9/18/2023

Wiki User

∙ 12y ago

Best Answer

Insurance acc Dr 1000

Cash acc Cr 1000

P&L acc Dr 1000

To insurance acc Cr 1000

Wiki User

∙ 12y ago

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Wiki User

∙ 9y ago

debit insurance premium
credit cash

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What is the journal entry for payments of insurance premium?

debit insurance premium expensecredit cash / bank

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debit insurance premiumcredit cash / bank

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debit insurance premiumcredit cash / bank

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prepaid insurance a/c..........dr. To insurance a/c

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Life insurance a/c......... Dr to cash a/c

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What is the journal entry for payments of insurance premium?

debit insurance premium expensecredit cash / bank

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debit insurance premiumcredit cash / bank

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debit insurance premiumcredit cash / bank

What is the accounting journal entry to record financed annual insurance premium?

Debit annual insurance premiumCredit cash / bank

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Life insurance a/c......... Dr to cash a/c

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prepaid insurance a/c..........dr. To insurance a/c

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debit cashcredit share capitalcredit share premium

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debit accrued insurance expensecredit insurance payable

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Debit life insurance paidCredit cash / bank

What entries are posted on a capital project Fund?

premium remained in capital projects fund, is there an journal entry for this

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debit interest expensedebit bond premiumcredit cash

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debit prepaid insurancecredit cash / bank

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